Purcari Wineries closed 2025 with a clear signal to the market: strong commercial execution can coexist with structural change and long-term strategic repositioning.
The Group delivered robust revenue growth, reinforced its core brands, and entered a new ownership era—marking one of the most transformative years in its recent history.
Strong Top-Line Growth Across Core Markets
In 2025, Purcari Wineries reported revenues of RON 436 million, representing a +14% year-on-year increase. This performance was driven by a combination of volume expansion and improved price/mix, highlighting the Group’s ability to premiumize while scaling distribution.
The final quarter stood out in particular, with record revenues of RON 136.5 million, underlining strong year-end demand and effective commercial execution.
Growth was broad-based across key markets:
- Romania remained the engine, with +16% growth, supported by strong brand traction.
- Moldova followed with +11%, driven primarily by the flagship Purcari range.
- Bulgaria emerged as a standout market, surging +31% after the successful repositioning of Angel’s Estate.
- Asia rebounded with +24%, benefiting from improved distribution in China and Japan.
- Rest of the World markets also contributed positively, particularly Turkey and Western Europe.
While Poland posted a slight decline (-7%), this was partially offset by exceptional growth in Bardar brandy, which surged +281%.
Brand Portfolio: Purcari Leads, Diversification Continues
The Group’s flagship Purcari brand remained the dominant growth driver, increasing +18% year-on-year and accounting for approximately 60% of total sales. Its strong performance across Romania, Moldova, Poland, and Bulgaria highlights the brand’s resilience and premium positioning.
Other brands contributed in a more nuanced way:
- Bostavan focused on value-driven growth, delivering +9%, with exceptional traction in Turkey (+997%).
- Crama Ceptura maintained steady expansion (+8%), reinforcing its role in the accessible premium segment.
- Bardar brandy continued its upward trajectory (+7%), supported by strong domestic demand in Moldova.
Profitability: Stable EBITDA, Pressure on Net Profit
Operationally, Purcari maintained solid profitability. EBITDA reached RON 112.7 million (+2% YoY), with a margin of 26%, aligning with management guidance.
However, net profit declined by 14.7% to RON 50 million. This divergence reflects external and non-operational pressures rather than core business weakness:
- Foreign exchange losses (RON 4.3 million), driven by regional currency depreciation.
- Increased depreciation (+RON 6.7 million).
- Absence of a one-off positive contribution recorded in 2024.
- Higher finance costs due to increased borrowing.
At the same time, a positive revaluation of biological assets (RON 5.5 million) highlighted improved vineyard efficiency and favorable agricultural conditions.
Cost Structure: Investment in Growth
Marketing and selling expenses rose significantly (+22.5%) to RON 70.9 million, reflecting expanded commercial activities, logistics costs, and regulatory impacts such as Romania’s Warranty Return System.
Administrative expenses also increased (+20.3%), driven by personnel costs and the implementation of the Management Incentive Plan (2024–2027). These investments indicate a deliberate strategy to scale operations and strengthen organizational capabilities.
A Defining Moment: MASPEX Becomes Majority Shareholder
One of the most important developments in 2025 was the voluntary takeover bid by Maspex Romania S.R.L..
Following the completion of the offer, MASPEX acquired a 73.23% stake in Purcari Wineries, becoming the majority shareholder. The transaction signals a new phase of development, combining Purcari’s wine expertise with MASPEX’s regional scale and distribution strength.
Importantly, the strategic direction remains consistent: preserving the company’s identity, operational footprint, and long-term growth strategy.
This transition was accompanied by governance changes, including new board appointments and the return of founder Victor Bostan as CEO—an influential move reinforcing continuity and leadership stability.
Vineyard Expansion and a Strong 2025 Harvest
From an operational perspective, 2025 was equally successful in the vineyards.
The Group processed over 31 million kilograms of grapes, with own harvest volumes exceeding the five-year average by 24%. This marks a strong recovery from the previous year’s drought and ensures adequate stock levels for future growth.
Purcari also strengthened its vineyard base through the acquisition of Les Terres Noires SRL, adding organically cultivated vineyards in the Ștefan Vodă PGI region. This aligns with the Group’s long-term focus on sustainability and quality-driven production.
Outlook: Positioned for Regional Leadership
Purcari Wineries exits 2025 with strong revenue momentum, disciplined operational performance, and a reinforced strategic foundation. While profitability faced short-term pressure from external factors, the core business remains resilient and growing.
The combination of:
- strong brand equity,
- expanding international presence,
- improved vineyard capacity,
- and the backing of a major regional investor,
positions the Group for its next stage of growth in Central and Eastern Europe and beyond.
Source: Purcari Wineries